- Date : 11/09/2023
- Read: 3 mins
You can indulge in your side hustle worry-free. Read your employer contract carefully or talk to your HR about policies and follow tax rules appropriately!
In this age of social media, many platforms like Twitter and YouTube are offering income opportunities to qualified influencers with substantial impressions on their audiences.
This newfound source of income is opening doors to multiple earning sources even if you are employed in an organisation otherwise.
So, now the question that arises is: How can you balance your social media earnings while also adhering to your employment contracts and HR policies?
Highlights
-
Influencers are getting paid for qualified roles in social media.
-
Employer contracts can include regulations regarding side hustles.
-
You can talk to your HR to maintain transparency.
-
If you are getting any income from foreign sources, make sure to declare it while filing your annual Income Tax Return (ITR).
What is the dual source of income theory?
There's no legal restriction on you earnings from multiple sources, but the policies mentioned in employment contracts are the centre of rising tensions often. We are trying to decipher the expert insights given by Sowmya Kumar, partner at IndusLaw on such issues.
Contracts mentioned
Contracts can sometimes contain clauses that forbid employees from engaging in activities for additional sources of income and demand full-time dedication to the employing organisation. However, some companies allow you to do activities on the side to generate revenue that doesn't interfere with your primary role.
Disclosures and Dialogues
It is best to inform your HR department about your income from other sources at an early stage. This will save you from any trouble in the future, while also reflecting your genuine regard for company policies.
Clash or Compatibility?
It is vital to know how official data collection and performance might cross your other profession to ensure your professional integrity.
Taxing Affairs
Every income source must be disclosed for taxation. If you have a business income, Form 16 is not enough.
Global Gains and Gravitas
To avoid any tax-related issues, you need to mention all payouts from foreign entities in your annual ITR.
To sum up
In a world where income sources are expanding, you need to know how to balance a dual income. For that purpose, read your employment contract carefully, maintain transparency with your organisation, and declare all incomes well while filling your annual ITR.
Disclaimer: This article is intended for general information and should not be construed as investment, tax, or legal advice. You should obtain independent advice when making such decisions.
Click here for the latest articles on stocks.
In this age of social media, many platforms like Twitter and YouTube are offering income opportunities to qualified influencers with substantial impressions on their audiences.
This newfound source of income is opening doors to multiple earning sources even if you are employed in an organisation otherwise.
So, now the question that arises is: How can you balance your social media earnings while also adhering to your employment contracts and HR policies?
Highlights
-
Influencers are getting paid for qualified roles in social media.
-
Employer contracts can include regulations regarding side hustles.
-
You can talk to your HR to maintain transparency.
-
If you are getting any income from foreign sources, make sure to declare it while filing your annual Income Tax Return (ITR).
What is the dual source of income theory?
There's no legal restriction on you earnings from multiple sources, but the policies mentioned in employment contracts are the centre of rising tensions often. We are trying to decipher the expert insights given by Sowmya Kumar, partner at IndusLaw on such issues.
Contracts mentioned
Contracts can sometimes contain clauses that forbid employees from engaging in activities for additional sources of income and demand full-time dedication to the employing organisation. However, some companies allow you to do activities on the side to generate revenue that doesn't interfere with your primary role.
Disclosures and Dialogues
It is best to inform your HR department about your income from other sources at an early stage. This will save you from any trouble in the future, while also reflecting your genuine regard for company policies.
Clash or Compatibility?
It is vital to know how official data collection and performance might cross your other profession to ensure your professional integrity.
Taxing Affairs
Every income source must be disclosed for taxation. If you have a business income, Form 16 is not enough.
Global Gains and Gravitas
To avoid any tax-related issues, you need to mention all payouts from foreign entities in your annual ITR.
To sum up
In a world where income sources are expanding, you need to know how to balance a dual income. For that purpose, read your employment contract carefully, maintain transparency with your organisation, and declare all incomes well while filling your annual ITR.
Disclaimer: This article is intended for general information and should not be construed as investment, tax, or legal advice. You should obtain independent advice when making such decisions.
Click here for the latest articles on stocks.
